Naked, a South African Insurtech startup that allows users to purchase insurance for their vehicles, homes and buildings has raised $17 million in a series B round.
This round was led by International Finance Corporation, German Development Finance Institution, Yellowwoods and in participation with Hollards.
The funding will be used to expand the growth of the company and further scale up the company’s products into new markets across Africa.
Speaking on the funding, Alex Thomson, co-founder of Naked said, “Since our launch in 2018, we have been overwhelmed by customers’ enthusiasm for our offering and have exceeded our growth targets every year. We are excited to bring new investors on board in this funding round as part of accelerating our growth plans.
“This investment validates our position as a pioneer of fully digital insurance in South Africa, it will enable us to grow our team, continue to invest in technology that puts customers in control and expand into new markets”, he added.
Also, Adamou Labara, the IFC’s South African Country Manager said, “IFC’s investment in Naked will help increase the penetration of tech-driven insurance in the country and contribute to job creation and economic growth.”
About the Company
Naked was co-founded in 2018 by Alex Thomson, Sumarie Greybe and Ernest North. The company uses Artificial Intelligence to grant users total control of money’s worth for their cars and homes using apps and websites.
The platform also allows users to acquire insurance at a lower cost compared to traditional platforms and a seamless convenience in their insurance experience.
Customers also have the freedom of pausing their car’s premium service when it’s not in use and switching it back on when they wish to.
(Wholly reported by Favour Ezeokafor)
